The Science Of ...

How the Road Accident Fund works to keep road users from financial ruin

The Road Accident Fund (RAF) provides for compulsory insurance cover to all road users in South Africa against injuries sustained or death arising from accidents involving motor vehicles within the borders of South Africa.

This cover is in the form of indemnity insurance to persons who cause the accident as well as personal injury and death insurance to victims of motor vehicle accidents and their families.

The Money Show’s Bruce Whitfield interviewed The Road Accident Fund CEO Dr Eugene Watson for his weekly "The Science Of" feature.

Scroll down to listen to the audio.

We received R22 billion in the last 12 months. But it’s not enough; we’re still bankrupt.

Dr Eugene Watson, RAF

The Fund received claims of R34 billion in the last year.

Dr Eugene Watson, RAF

The aftermath of a crash is poverty. The purpose of the RAF is to protect the wrongdoer – and his or her family - from being sued.

Dr Eugene Watson, RAF

We need to shrink the cake and divide it into more slices.

Dr Eugene Watson, RAF

The RAF only protects income of R220 000 per year, max.

Dr Eugene Watson, RAF

You don’t need a lawyer to approach the RAF directly. We treat all claims in the same way.

Dr Eugene Watson, RAF

We’ve reduced legal costs from about 30% of total expenses to less than 19%.

Dr Eugene Watson, RAF

We need an additional 50 cents per litre of petrol sold to break even.

Dr Eugene Watson, RAF

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This article first appeared on 702 : How the Road Accident Fund works to keep road users from financial ruin


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